Given:
Each yearly payment = P = $680
The rate of the interest = r = 5.6% = 0.056
Compunded annually, n = 1
Time = t = 17 years
We will find the value at the end of the time using the following formula:
[tex]A=P*\frac{((1+\frac{r}{n})^{nt}-1)}{\frac{r}{n}}[/tex]
substitute with the given values:
[tex]\begin{gathered} A=680*\frac{((1+0.056)^{17}-1)}{0.056} \\ \\ A\approx18,519.63819 \end{gathered}[/tex]
Rounding to the nearest cent
So, the answer will be:
A = 18519.64
